Lockheed Quiet Amid Report of Restructuring

Lockheed Martin Corp. remained silent on its plans after a board meeting in which the nation’s largest defense contractor was expected to review restructuring efforts aimed at boosting profit and investor confidence. The Wall Street Journal had reported that the company plans to sell at least $1 billion in assets. A company spokesman declined to disclose the agenda of the meeting, held at Lockheed’s head office in Bethesda, Md. “We are engaged in a comprehensive review of our operational performance,” he said. The company was considering selling businesses that make radar devices and cockpit displays and was supposedly looking at a management overhaul, the Journal said, citing executives familiar with the matter. Several analysts expressed skepticism that the reported changes would do enough to address Lockheed’s problems. Lockheed’s stock has lost nearly half its value in little more than a year as the company repeatedly cut earnings forecasts amid a series of setbacks, including failed satellite launches and delays in aircraft orders and deliveries. Lockheed gained 69 cents to close at $35.88 on the New York Stock Exchange.